Evolutionary Awards 2025 – Old Mutual Investment Group: most promising new black-owned initiative

Category: Most promising new black-owned initiatives

Describe your evolution:

Old Mutual Investment Group (OMIG) is an African business driving a diversity, equity and inclusion agenda that goes beyond regulations or guidance, focusing on ensuring our business reflects society and provides a supportive and inclusive environment for all employees. This is demonstrated through our ownership structure, our stewardship of assets and engagement with companies, as well as our recruitment, succession planning, and retention practices that protect and develop our talent.

At OMIG, we have been intentional in delivering on our DEI objectives across the business. We view transformation not simply as an obligation, but as a strategic imperative for long-term success.

Over the years, we have deliberately evolved into a majority black-owned, majority black women-owned business, positioning us as one of the most promising new initiatives in the sector. The South African (SA) asset management industry continues to undergo significant transformation, reflecting a broader societal shift towards greater diversity, equity and inclusion (DEI).

The historical context of SA and the ongoing socio-economic disparities have created a landscape where diversity and inclusion are essential for sustainable growth. A transformed asset management industry that reflects the demographics of the population is better positioned to understand the unique needs and aspirations of its clients, fostering trust and loyalty.

Our Approach to Transformation

Our transformation strategy is multifaceted and overseen by our Executive Transformation Committee. It is guided by five key pillars: Leadership diversity: Substantial progress has been made in increasing black and female leaders across the business. Today, 88% of our executive team are black and/or female.

Investment professional representation: We actively grow and support black and female investment decision-makers. Currently, 71% of our investment professionals are black and/or female, led by Chief Investment Officer, Siboniso Nxumalo.

Meaningful ownership: We are committed to broad-based majority black ownership, with meaningful equity held by senior staff.

Value chain transformation: We believe in the transformation of the full asset management value chain through our procurement practices.

Active stewardship: Transforming our society through active stewardship that drives DEI in the companies that we invest in on behalf of our clients is key for our business.

Ownership and Representation Milestones

In our 2023 report, we committed to exceeding 50% black ownership. Over the past two years, we have delivered on this commitment, moving from 55% in 2023 to 65% in 2024, of which 32% is black women-owned. This makes us one of the most transformed large asset managers in South Africa.

Our transformation journey has also extended into investment talent development. Over the past 11 years, 41 black investment analysts have been trained through our programmes, building a pipeline of skilled professionals for the future of the industry. These efforts have resulted in steady increases in black leadership across the business, ensuring representation is not confined to certain levels but embedded throughout.

These achievements are not isolated events, but the result of deliberate, intentional strategies implemented over several years. They reflect our unwavering commitment to driving meaningful transformation, both within our organisation and across the industry.

Recognition of Our Progress

Our deliberate and sustained efforts have been recognised externally. In the inaugural 27four DEInvest Annual Survey 2024, which ranks companies based on their DEI outcomes, we were ranked the top asset manager in the large manager category (above R100 billion assets under management). This recognition affirmed that our strategies are delivering meaningful results and positioning us as a leader in transformation.

Our Ongoing Evolution

Becoming a majority black-owned business has been a significant milestone in our evolution, demonstrating that transformation is achievable even within large asset managers. However, we recognise that the journey is ongoing. Transformation is not only about ownership numbers changing, but also about ensuring diversity and inclusion across leadership, teams, procurement and stewardship.

We remain committed to deepening transformation through intentional and sustained action across multiple dimensions. Our progress reflects years of consistent effort, and our future will be defined by our continued focus on advancing diversity, inclusion and sustainability for the benefit of our clients, our people, and South Africa as a whole.

Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.

The Impact of Our Transformation

For more than a decade, we have been committed to increasing diversity by addressing both racial and gender under-representation, and our efforts have yielded tangible results at every level of our organisation.

Responding to the Challenge

The road to gender parity in asset management remains steep. According to the Citywire Alpha Female Report 2024, women represent only 12.5% of portfolio managers globally, and just 11% in South Africa. This underrepresentation is more than an issue of fairness; it is a missed opportunity for enhanced investment outcomes.

Studies from McKinsey & Co and the Peterson Institute for International Economics demonstrate that gender diversity in investment teams fosters better decision-making, innovation, risk management, client relationships, and more sustainable investing practices. At Old Mutual Investment Group, we are proud to lead by example in addressing this challenge.

Tangible Impact Across Our Organisation Ownership and Leadership: In the past two years, we increased black ownership from 55% in 2023 to 65% in 2024, with 32% held by black women. Our executive team, comprising 88% black and/or female individuals, demonstrates that intentional leadership diversity is achievable and sends a strong message to aspiring professionals that talent is valued regardless of race or gender.

Investment Professional Representation: Female representation in our investment teams is currently 31%, a significant improvement against national averages. Over the past decade, 41 black analysts have been trained through our programmes, many of whom have progressed to senior investment roles.

Gender-Focused Interventions: Our targeted strategies include increasing female scholarships and internships, flexible parental policies, development and mentorship programmes, and initiatives such as the Unleash Her Leadership Development Programme. The Imfundo Trust Scholarship Programme, launched in 2010, provides educational access and career opportunities to young black students. In 2024, 20 of 34 scholarships were awarded to female students, supporting a pipeline of skilled professionals.

Inclusive Environment: We foster a culture of inclusion through psychological safety surveys, unconscious bias training, zero-tolerance anti-discrimination policies, and structured mentorship. These interventions ensure equitable practices, active participation in investment decisions, and retention of female and black professionals.

The Imfundo Trust Scholarship Programme

Beyond funding, Imfundo provides holistic support through tutorials, industry mentorship, psychosocial guidance, and internships at Old Mutual, giving students practical exposure. The newly introduced Elevate programme builds essential life and academic skills, preparing students to excel in tertiary education and their careers.

In 2024, Imfundo continued to open doors for deserving students, many of whom would otherwise be unable to pursue higher education and careers in the investment industry.

Industry Recognition and Looking Ahead

Our efforts have been independently validated. In 2024, we were ranked the top asset manager in the large-manager category in the inaugural 27four DEInvest Annual Survey, which assesses diversity, equity, and inclusion. We remain committed to driving gender transformation, not just within our organisation but also as a model for the broader asset management industry. Achieving gender parity and meaningful diversity requires ongoing dedication, innovative strategies, and the active involvement of senior leaders. Our transformation agenda isn’t just about meeting quotas – it is about unlocking talent, fostering inclusive environments, and building a stronger, more equitable future for all.

Supporting Documentation >